Investment objective & strategy
As of Nov. 20, 2025 · prospectusObjective. The Impact Shares Womens Empowerment ETF (the Fund or the Womens ETF) seeks investment results that, before fees and expenses, track the performance of the Morningstar Womens Empowerment Index (the Underlying Index).
Strategy. The sixth paragraph of the section of the Funds Summary Prospectus and Prospectus titled Fund Summary Principal Investment Strategies is amended and restated as follows: The Underlying Index is constructed using a rules-based methodology to select companies from the Parent Index that have strong womens empowerment practices. Morningstar, Inc. (Morningstar or the Index Provider) constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Equileap, the Funds ESG research provider, which seek to identify companies within the Parent Index that rate well with respect womens empowerment practices and products or services (a companys Gender Diversity Score). After excluding those companies that Equileap determines are (i) involved in the weapons, gambling, or tobacco industries, (ii) on the … The sixth paragraph of the section of the Funds Summary Prospectus and Prospectus titled Fund Summary Principal Investment Strategies is amended and restated as follows: The Underlying Index is constructed using a rules-based methodology to select companies from the Parent Index that have strong womens empowerment practices. Morningstar, Inc. (Morningstar or the Index Provider) constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Equileap, the Funds ESG research provider, which seek to identify companies within the Parent Index that rate well with respect womens empowerment practices and products or services (a companys Gender Diversity Score). After excluding those companies that Equileap determines are (i) involved in the weapons, gambling, or tobacco industries, (ii) on the Norwegian Ethics Council List 1 or (iii) that have experienced an applicable legal controversy, the 200 best scoring companies (after applying the optimized weighting methodology discussed below) are selected by Morningstar as the final underlying index components. The Underlying Index is constructed by Morningstar using an optimized weighting methodology. Under this methodology, Morningstar uses a quantitative process that is designed to determine optimal weights for securities to maximize exposure to companies with higher rankings as to womens empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. Morningstar determines the weighting of each security in the Underlying Index using the following variables: Gender Diversity Score, market capitalization, and maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ALPHABET INC CL A | — | $2.69M | 4.75% |
| MICROSOFT CORP | — | $2.62M | 4.64% |
| NVIDIA CORP | — | $2.22M | 3.93% |
| JPMORGAN CHASE and CO | — | $1.95M | 3.45% |
| EXXON MOBIL CORP | — | $1.71M | 3.02% |
| CISCO SYSTEMS INC | — | $1.56M | 2.77% |
| VERIZON COMMUNICATIONS INC | — | $1.29M | 2.29% |
| VISA INC-CLASS A | — | $1.22M | 2.16% |
| WALMART INC | — | $1.14M | 2.02% |
| INTL BUS MACH CORP | — | $1.05M | 1.86% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Impact Shares Naacp Minority Empowerment ETF · NACP | 55% | 0.49% |
| WisdomTree U.S. LargeCap Dividend Fund · DLN | 54% | 0.28% |
| Horizon Equity Premium Income Fund · HNDDX, HIDDX, HADUX | 53% | 0.98% |
Advisers
| Firm | Role |
|---|---|
| Tidal Investments LLC | Adviser |
Footnotes
- Expense ratio as of October 23, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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